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General form of registration statement for all companies including face-amount certificate companies

Condensed Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:        
Net loss $ (3,454,400) $ (350,821) $ (2,135,573) $ (465,014)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Provision for bad debts 84,476 10,060 21,200 23,379
Receivable collateral valuation service 309,117 0 0 0
Amortization of debt issuance costs 85,565 0 0 0
Gain on disposal of property and equipment (5,879) 0 0 0
Depreciation and amortization 185,937 106,404 264,082 338,803
Issuance of convertible notes in exchange for service rendered 38,175 22,000 22,000 0
Stock-based compensation 113,124 0 0 0
Changes in operating assets and libilities, net of effects of acquisition:        
Accounts receivable (331,690) (83,309) 196,229 (339,313)
Accounts receivable, secured-related party 0 7,376 7,376 9,176
Prepaid expenses and other current assets (13,083) (29,489) (97,684) 821
Accounts payable 375,510 258,189 780,703 105,793
Accrued expenses 535,163 (70,161) (98,588) 84,802
Deferred rent (2,145) (1,162) (2,324) (358)
Deferred revenue 96,672 4,969 (54,510) 516,992
Settlement payable 0 0 0 (169,403)
Net cash (used in) provided by operating activities (1,983,458) (125,944) (1,097,089) 105,678
Cash flow from investing activities:        
Cash acquired as part of merger 337 3,200 3,200   
Purchases of property and equipment (6,005) (115,046) (133,431)   
Purchases of intangible assets (306,989) (427,603) (981,546) (189,905)
Increase in restricted cash (105,932) 0 0 0
Advances to officer in exchange for promissory note 0 0 (388,210) 0
Proceeds received from officer loan repayment 150,000 0 238,210 0
Net cash provided by (used in) investing activities (268,589) (539,449) (1,261,777) (189,905)
Cash flows from financing activities:        
Proceeds from (repayments in) line of credit, net (10,512) (4,293) (10,284) 6,753
Principal payment on note payable 0 (2,874) (30,871) (25,399)
Proceeds from sale of common stock 0 0 0 250,500
Proceeds from note payable 22,000 0 0 0
Proceeds received from issuance of convertible notes and warrants 2,006,000 328,000 328,000 0
Disbursemenents for debt issuance costs (266,473) 0 0 0
Proceeds from issuance of Series A and D preferred stock 0 1,169,419 3,469,985 0
Repayments of convertible notes payable 0 (10,000) 0 0
Disbursements for stockholder rescissions 0   (165,000) 0
Disbursements to purchase treasury shares 0 (740,000) (761,200) 0
Net cash provided by financing activities 1,751,015 740,252 2,830,630 231,854
Net (decrease) increase in cash and cash equivalents (501,032) 74,859 471,764 147,627
Cash and cash equivalents at beginning of period 766,602 294,838 294,838 147,211
Cash and cash equivalents at end of period 265,570 369,697 766,602 294,838
Supplemental disclosure of cash flow information:        
Cash paid for interest 89,942 13,058 34,804 15,773
Cash paid for income taxes 0 0 0 0
Supplemental disclosure of non-cash investing and financing activities:        
Conversion of all preferred shares into common shares 0 0 0 0
Conversion of loans payable to convertible notes payable 200,000 0 0 0
Liabilities assumed in recapitalization 21,206 0 0 0
Conversion of convertible notes payable into common shares 20,000 0 0 0
Settlement of notes payable by disposal of property and equipment 15,151 0 0 0
Issuance of convertible notes payable to pay accounts payable 11,650 0 0 0
Conversion of convertible notes payable into Preferred Series B shares 0 350,000 350,000 0
Recognition of accrual to rescing common shares $ 0 $ 165,000 $ 0 $ 0